Forced Retirement

[SLB_SA]

Lots of people have a plan on when to retire. The truth is that many people are "retired" before they are financially ready for retirement: If You’re Over 50, Chances Are the Decision to Leave a Job Won’t be Yours
This article Forced Retirement: What it is, How it Works, FAQ has a brief summary of the law and the reality.
The first link says:
ProPublica and the Urban Institute, a Washington think tank, analyzed data from the Health and Retirement Study, or HRS, the premier source of quantitative information about aging in America. Since 1992, the study has followed a nationally representative sample of about 20,000 people from the time they turn 50 through the rest of their lives. Through 2016, our analysis found that between the time older workers enter the study and when they leave paid employment, 56 percent are laid off at least once or leave jobs under such financially damaging circumstances that it’s likely they were pushed out rather than choosing to go voluntarily. Only one in 10 of these workers ever again earns as much as they did before their employment setbacks, our analysis showed. Even years afterward, the household incomes of over half of those who experience such work disruptions remain substantially below those of workers who don’t.
Forced early retirement is good for you: Forced to Retire or Laid Off! The First Steps to Take (from 2020)
Action steps you can take for a happy retirement when it arrives ahead of schedule. Forced into Early Retirement? What to Do Now! (from 2021)
If you have a 401k, company health insurance, etc. 4 Steps to Survive Forced Early Retirement (from 2022)
Retire at 59 with $500K 5 Testimonials From People FORCED TO RETIRE EARLY
These videos deal with people employed by companies with decent benefits; what is the rest of the story?
If you are "young" and reading VanLivingForum, start preparing early for an unexpected retirement. If you were retired (by your employer, illness, family, etc.), what is your story?

 

[bullfrog !]

First you need to define what retirement is. Do you mean no outside income? As in all your funds are gone, no shelter, no transportation, no phone? There are people like that here or soon to be, most likely been working most of their lives up until something tragic happens, living paycheck to paycheck. I never got to that point but got close and with a family that’s a scary thing. Everyone in the family working hard at several jobs to better ourselves learning skills and getting an education at a more mature age that led to a career or job we actually worked at. Using the system as best we could to manage and eventually save enough for most emergencies. Sharing our successes with each other to balance poor decisions we sometimes make.

I lost a job after being away to treat cancer and forming a union to help the employees I supervised at 46 years old. I had been planning to “retire” at 53 meaning not “having to work” as I enjoyed working all my life quitting working all together wasn’t going to work for me.

 

[bullfrog !]

^^^Lol! At soon to be 73 years old with my good friend who will soon be 78 years old we still clean hot tubs 4 hours a week basically for a couple RV spots with utilities available and paid for. Planning ahead by imagining worst case scenarios makes surviving small emergencies much easier. Working when and while you can even seasonal or side gigs in order to invest in things like real estate or stocks if you understand the processes works. Living simply and staying healthy are key to living on little money. Avoiding debt is difficult but necessary. If you’re using credit and don’t have enough of an emergency fund to pay it off tomorrow you need to alter your lifestyle or gain skills so you can. At 35 years old I sat down and wrote out yearly goals and plans considering worst case scenarios thru age 65 and surprisingly pretty much they were accurate. I “planned” on changing or losing a job every 7 years as that had been the pattern my life had taken since graduating high school.

 

[MGfromBC]

My retirement started when I stopped to let an ambulance, with lights and siren on, into an intersection. The guy with the SUV and large camper trailer behind me didn't stop until I was in the middle of the intersection. After I had used up all unemployment and sick benefits, I qualified for short-term disability insurance. I was 59.
In the years since then my brain injury mostly resolved itself but I was left with Chronic Fatigue Syndrome. Many days I start out feeling like that 3 minutes between a rude alarm and finishing draining my bladder. The problem is, it doesn't get better, not even with coffee.
Fortunately, I had a good lawyer and won't have to struggle, although I will have to live modestly and slowly. Even part time jobs are out of the question due to the unpredictability of this illness.
There is a bright side to all this though. I can eventually do most things and driving is very relaxing, at least once I leave the city. I've recently been through open heart surgery and radiation treatment for prostate cancer. I treated them more as adventures than adversities. I seem to be developing a much better attitude to life.